Thinking about moving to Coral Gables and worried you’ll lose your hard-earned property tax savings? If you had a Florida homestead exemption on your old home, you may be able to bring part of that tax benefit with you. This is called homestead portability, and it can make a real difference in your tax bill. In this guide, you’ll learn what portability is, who qualifies, how to apply in Miami-Dade, and how it affects your taxes in Coral Gables. Let’s dive in.
What homestead portability means
Portability lets you transfer the difference between your prior home’s just value and its capped assessed value under Save Our Homes to your new Florida homestead. That transferred amount reduces the assessed value of your new home, which can lower your taxes. Miami-Dade explains the program and local filing options on its portability page.
Florida’s administrative rule sets the rules, timelines, and limits, including a $500,000 cap on the amount you can transfer and ownership share rules. You can review the rule text in Florida Administrative Code Rule 12D-8.0065.
Are you eligible to port to Coral Gables?
To qualify, you must have received a Florida homestead exemption on your prior home and then establish a new Florida homestead. After you abandon the prior homestead, you must establish the new one within three assessment years counting Jan. 1 dates. The rule explains the timing and examples in Rule 12D-8.0065.
You must file for your new homestead and portability by March 1 of the tax year you want the benefit. The portability transfer is filed as part of your homestead application. If you miss the deadline, the credit can only apply in the year it is first approved going forward, not retroactively, per the state rule.
How the math works: upsize vs. downsize
Portability reduces your new home’s assessed value. It does not change market value. The rule sets two paths:
- Upsizing: If your new home’s just value is equal to or higher than your prior home, you can transfer the full assessment difference, up to the cap.
- Downsizing: If your new home’s just value is lower, you transfer a proportional percentage of the prior difference.
Example: Your prior home’s just value was $600,000 and the assessed value was $450,000, so the Save Our Homes difference was $150,000. Your new Coral Gables home has a just value of $800,000. If you are fully eligible, the portable amount is $150,000. Your new assessed value starts at $800,000 minus $150,000 equals $650,000, before homestead exemptions and local rates apply. The rule details these calculations in 12D-8.0065.
Step-by-step: apply in Miami-Dade
What to file
- DR-501: Original Application for Homestead and Related Exemptions.
- DR-501T: Transfer of Homestead Assessment Difference (portability).
- DR-501TS: If spouses or former spouses are designating ownership shares of the prior homestead.
You can find the official forms on the Florida Department of Revenue forms index. File DR-501 and DR-501T together by March 1.
How and where to file
Miami-Dade County accepts filings online, by mail, or in person. You can start and track your request through the county’s portability and exemptions page.
Documents to have ready
- Florida ID and proof of Florida residency as required.
- Recorded deed or closing statement for your Coral Gables property.
- Parcel IDs for your prior and new properties, dates of sale or abandonment, and list of prior owners.
- Any supporting documents for DR-501TS if designating shares.
Miami-Dade’s exemptions page lists what to bring and submission methods: Homestead and exemptions overview.
Timeline after you file
If your prior homestead was in another Florida county, Miami-Dade will request a verification certificate from that county, which can add processing time. If your portability application is denied, you should receive a notice by July 1 for timely applications, and you may petition the Value Adjustment Board using DOR forms and procedures described in Rule 12D-8.0065.
Estimating your Coral Gables tax bill
Here is the usual order of operations in Florida:
- The property appraiser sets your new home’s just value.
- Your approved portable amount reduces that value to set your assessed value.
- Homestead exemptions reduce the taxable value.
- The combined millage rates are applied to estimate your tax bill. The city’s 2025 millage was reported at 5.559 mills in local coverage, as noted by the Coral Gables Gazette. Combined rates change each year, so check current Miami-Dade and city sources when estimating.
Common pitfalls to avoid
- Not abandoning the prior homestead correctly. If a co-owner keeps the exemption, portability may be denied. The rule provides procedures for written abandonment.
- Missing the March 1 deadline or leaving forms incomplete, especially parcel IDs and dates.
- Skipping DR-501TS when spouses need to designate ownership shares of the prior homestead.
- Underestimating cross-county processing time when your prior homestead was outside Miami-Dade.
Each of these issues is addressed in the state’s portability rule and Miami-Dade’s portability guidance.
Quick checklist for Coral Gables movers
- Gather: deed/closing statement, parcel IDs, sale or abandonment dates, Florida IDs and residency proofs. See Miami-Dade’s exemptions overview.
- File: DR-501 and DR-501T together by March 1. If needed, file DR-501TS with the prior county before submitting portability. Find forms on the DOR index.
- Track: use Miami-Dade’s online tools or visit a county service center listed on the portability page.
- If denied: watch for the July 1 notice and consider a timely VAB petition using DOR forms described in Rule 12D-8.0065.
Need a steady guide for your move?
You deserve a smooth move and a plan for your tax savings. Our family-led team will help you time your sale and purchase, prepare your filings, and connect you with the right local resources so you feel confident from contract to closing. Reach out to Team Delgado Home Experts at tdhomeexperts.com to start your Coral Gables move with clarity.
FAQs
What is homestead portability in Florida and why it matters in Coral Gables?
- It lets you transfer part or all of your Save Our Homes assessment difference from a prior Florida homestead to your new Coral Gables homestead, which can lower your assessed and taxable values; see Miami-Dade’s portability page for local guidance.
How long do I have to use portability after selling my Florida home?
- You must establish the new homestead within three assessment years after abandoning the prior homestead, based on Jan. 1 dates, as explained in Rule 12D-8.0065.
Which forms do I need to transfer my Save Our Homes benefit to Miami-Dade?
- File DR-501 (homestead) with DR-501T (portability), and if spouses need to designate shares of the prior homestead, submit DR-501TS with the prior county; forms are on the Florida DOR index.
Can I use portability if my new Coral Gables home is lower in value than my old home?
- Yes, but you transfer a proportional percentage of the prior assessment difference rather than the full amount, per the method in Rule 12D-8.0065.
What if the Miami-Dade Property Appraiser denies my portability application?
- For timely applications, you should get a denial notice by July 1 and can file a Value Adjustment Board petition using DOR forms and timelines described in Rule 12D-8.0065.
